Corn futures experienced a lackluster trading session following the trade announcement between the US and Japan. Prices remained heavy throughout the day, ultimately closing with minimal losses. The national average new crop cash corn price saw a slight decline of 1/2 cent, settling at $3.75.
The trade deal between Japan and the US, unveiled late on Tuesday, outlined tariffs set at 15% starting August 1. Additionally, Japan committed to increasing its rice imports and purchasing $8 billion worth of agricultural goods from the US. Historically, agricultural and related exports to Japan have ranged from $12 to 16 billion annually.
In terms of ethanol production, data from the Energy Information Administration (EIA) revealed a total output of 1.078 million barrels per day for the week ending on July 18, marking a decrease of 9,000 barrels per day from the previous week. Ethanol stocks, on the other hand, increased by 809,000 barrels to reach 24.444 million.
Looking ahead, export sales data is anticipated to show between 100,000 and 800,000 metric tons of old crop corn sold in the week ending on July 17, with new crop sales projected to fall within a range of 400,000 to 800,000 metric tons. The official report will be released on Thursday morning.
At the close of trading, corn prices were as follows:
– Sep 25 Corn: $3.98 1/2, down 3/4 cent
– Nearby Cash: $3.85 1/2, down 1 cent
– Dec 25 Corn: $4.17 1/2, down 1/2 cent
– Mar 26 Corn: $4.34 3/4, down 1 cent
– New Crop Cash: $3.75, down 1/2 cent
It is important to note that the information provided in this article is for informational purposes only. The author, Austin Schroeder, does not hold any positions in the securities mentioned. For the original article and more financial news, visit Barchart.com.
